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Strategic Models of Sovereign-Debt Renegotiations Author info | Abstract | Publisher info | Download info | Related research | Statistics Fernandez, Raquel
Rosenthal, Robert W
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The sovereign-debt literature has often implicitly assumed that all the power in the bargaining game between debtor and creditor lies with the latter. This paper explores that assumption by analyzing three game-theoretic models of debt renegotiations. In two of the models, both of which are built on the traditional one-sector growth model, all the subgame-perfect equilibria have an extreme form in which the game's surplus is captured by the creditor. The third game has many subgame-perfect equilibria that do not have this feature, however. The roles of various assumptions in all three games are examined. Copyright 1990 by The Review of Economic Studies Limited.
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Article provided by Blackwell Publishing in its journal Review of Economic Studies .
Volume (Year): 57 (1990)
Issue (Month): 3 (July)
Pages: 331-49
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Handle: RePEc:bla:restud:v:57:y:1990:i:3:p:331-49Contact details of provider: Web page: http://www.blackwellpublishing.com/journal.asp?ref=0034-6527
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